Smart Green Shipping raises £1m from Drax to develop wind-assisted wingsail technology
Renewable energy leader Drax backed the project with a £1m investment alongside a UK Government Clean Maritime grant.
Smart Green Shipping develops wind-assisted propulsion systems and digital route optimisation tools to decarbonise the global maritime sector.
Smart Green Shipping has secured £1m in funding from renewable energy leader Drax Group to advance its wind-assisted wingsail technology. The investment, matched by a UK Government Clean Maritime grant, will support the commercial development and sea trials of the company's retractable FastRig system. The technology aims to cut fuel consumption and greenhouse gas emissions on commercial vessels by up to 30% annually.
From the founder
"Wind is abundant, free, and exclusively available to any ship equipped to use it. Modern 21st century easily retrofittable wing sails lower the cost of propelling ships, which reduces the dependency on commodity-based fuels – whether fossil or alternative fuels – and improves supply chain certainty. Smart Green Shipping shares a joint mission with Drax Group to use renewables to move renewables. We are immensely grateful for the support from Drax Group to create seamless and easy-to-access wind solutions for cargo owners and ship owners. The first commercial installation of FastRig is incredibly exciting and an important milestone as we derisk the transition to wind for the whole shipping ecosystem."
Diane Gilpin
CEO and founder at Smart Green Shipping
Investor perspective
"Smart Green Shipping’s technology represents a landmark moment for the maritime energy transition and Drax is proud to provide this investment, which re-affirms our commitment to becoming a carbon-negative business by 2030. We look forward to continuing our longstanding partnership as we work together on this exciting project, which could allow us to reduce emissions from the shipping of sustainable biomass and help to decarbonise a crucial part of our global supply chain."
Will Gardiner
Drax Group CEO, Drax
Use of funds
- 01Continue product development
- 02Fund research and development
Investors
Categories
About the company
Smart Green Shipping
Smart Green Shipping builds wind-assisted wingsail technology to decarbonise commercial vessels.